A recent meeting of industry minds at York University explored the idea of imposing a fiduciary duty upon financial advisors. Noting many other professions, including doctors and lawyers, require that standard, the gathering was meant to get the attention of regulators and lead to creation of commensurate rules.

According to one advisor in attendance, the higher standard is necessary to ensure those dispensing financial advice have a better understanding of the obligation they take on when they agree to run a client's money.